ZETAZeta Global Holdings Corp.

Services-Prepackaged Software

Revenue: $1.3B; 30% YoY
Operating margin: 0.4%; 106% YoY
EBITDA: $77M; 755% YoY
Market cap: $7.5B
Employees: 3,300; $395K revenue each
Net debt / EBITDA: -1.5×; −$112M net debt
AI in 10-K: 21.0; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 3 of 7

TSR below peersYes
3 of 5 years
3+ of last 5 years
High CEO pay despite TSRYes
$21M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
14% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
36% of assets
Over 40% of assets
Shareholder dissentNo
90% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$395K · 42nd pct
Bottom quartile of its SIC industry
Quiet on AINo
21.0 per 10K words · 99th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 1.5× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$7.5B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$400K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$458M	$591M	$729M	$1.0B	$1.3B	30%
Operating income	−$248M	−$259M	−$168M	−$68M	$5M	108%
Net income	−$250M	−$279M	−$187M	−$70M	−$32M	55%
Operating cash flow	$44M	$78M	$91M	$134M	$199M	49%
Capex	$9M	$22M	$20M	$26M	$14M	46%
Stock-based comp	$259M	$299M	$243M	$195M	$178M	8.8%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $400K · 2
Net: −$400K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$6M	$8M	229	231
FY2024	$26M	$227M	202	180
FY2023	$19M	$33M	99	132
FY2022	$21M	$7M	92	79
FY2021	$216M	$192M	95	123